U.S. stock futures are relatively flat ahead of the Wall Street open after a late session rally pushed equities higher on Tuesday.

All eyes are on Nvidia (NVDA) today which reports earnings after the closing bell. Nvidia has the biggest weight in the S&P 500 (SPX, SPY) and Nasdaq-100 (NDX, QQQ) and is considered the bellwether in the broader market and the tech sector.

The chipmaker has beaten earnings expectations in 11 of past 12 quarterly reports, but the stock has had a downbeat post-earnings reaction four of those times, according to FactSet.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are flat near $63 a barrel, after falling in the previous session, as investors watched for fresh developments in the Ukraine war and weighed an industry report that showed a drop in U.S. crude inventories.
• Gold (/GC) – Gold prices are down 0.3% near $3425 as the dollar firmed and some investors booked profits from a more than two-week peak hit in yesterday’s session.
• Bitcoin (/BTC) – The Crypto Future is flat near $111,400 in premarket trading.
• VIX – The CBOE Volatility Index was down 1.1% on Tuesday and settled at 14.62 as stocks rallied late in the session.
• U.S. Dollar (/DX) – The dollar is up around 0.5% to 98.6.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Palantir (PLTR): +1.88%
2. Datadog (DDOG): +1.73%
3. Eli Lilly (LLY): +1.16%

1. J.M. Smucker (SJM): -4.89%
2. PayPal (PYPL): -2.25%
3. SBA Communications (SBAC): -1.30%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 10:30AM ET: Oil Inventories
• 11:45AM ET: Fed’s Barkin Speaks
• 1:00PM ET: 5-Year Note Auction

Notable Earnings

• Premarket: ANF, DCI, SJM, KSS, PLAB, RY, WSM
• Postmarket: A, BILL, COO, CRWD, FIVE, GES, HPQ, NTAP, NTNX, NVDA, PSTG, SNOW, TCOM, URBN, VEEV
• Premarket Tomorrow: BBWI, BBY, BF/B, BURL, DKS, DG, HRL, LI, OLLI, TD, TITN, VSCO
• Postmarket Tomorrow: AFRM, AMBA, ADSK, DELL, GAP, MRVL, WOOF, S, ULTA, BULL

Upgrades/Downgrades

• HSBC upgrades Eli Lilly (LLY) to Hold from Reduce
• Arete upgrades GlobalFoundries (GFS) to Neutral from Sell
• Scotiabank upgrades Prologis (PLD) to Sector Perform from Underperform
• JPMorgan downgrades Krispy Kreme (DNUT) to Underweight from Neutral
• BofA downgrades SBA Communications (SBAC) to Neutral from Buy

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.